TMI Blog1936 (12) TMI 23X X X X Extracts X X X X X X X X Extracts X X X X ..... epositors, this Court, on its Original Side on the application of the Bank under section 153, Companies Act, ordered a meeting of the depositors to be called on 9th May 1933. On 28th May 1933, the majority, in number representing three-fourths in value of the depositors agreed to a scheme the terms of which, so far as they are relevant for the purposes of the present appeal, are as follows : "(1) That the depositors shall not be entitled to demand payment of their deposit money or interest at once and shall be paid only in terms of the scheme. (2) That notwithstanding any contract previously made with the depositors the Company will during the continuance of this scheme, pay interest at the rate of 3 per cent, per annum, with effect from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 153, Companies Act, agreed to the scheme set up by the Bank and that a notice of the meeting was actually served on the appellant. They accordingly gave effect to the bank's objection to the execution of the decree and dismissed the appellant's application for execution. The decree-holder appeals to this Court. The only point for determination in this appeal is whether the scheme which was sanctioned by this Court in binding on the appellant. The decision of this point will depend on the question whether the appellant comes under the word ' depositors' as mentioned in the scheme. The learned advocate appearing for the bank contends that in the absence of any special meaning attached to the word 'depositors' its dictionary meaning should ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cally mentioned. The learned advocate, however, contends that the words "depositors" in the petition under section 153 and also in the preliminary order directing a meeting of the depositors to be held, must have included depositors whose money had become payable and who had already instituted suits for recovery of their deposits, inasmuch as in fact a notice of the meeting was served on the appellant. The finding of the trial Judge on this point is as follows. "As regards the servive of notice on the depositors having deposit of more than Re. 1 in the Bank there is the testimony of the Officiating Secretary of the Bank to the effect that he got a list of such depositors prepared, had such list verified on comparison with the list of such ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly considered the question of the service of notice on the appellant. He disposed of the whole question in one single sentence by stating that he agrees with the conclusions of the trial Court on all the points. We are not satisfied from his judgment that as a final Court of fact he applied his mind properly to the evidence on this point and all the circumstances and probabilities bearing on this point. Instead of sending this case back to the lower appellate Court for a finding on this particular question we asked the learned advocates appearing for the parties in this case to place all the materials before us in order to enable us to come to a finding whether a notice was actually served upon the appellant. The Officiating Secretary in hi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stituted by the appellant was decreed. By this compromise, as has been already pointed out, the appellant relinquished his claim to the extent of Rs. 219. The terms of this compromise also indicate that they were inconsistent with the terms of the scheme which had already been agreed upon at the meeting of the depositors. If really the Bank had applied for sanctioning a scheme for depositors including the appellant, we cannot understand why the Bank ignored the terms of the scheme altogether and settled the appellant's claim arising out of the deposit in contravention of the terms of the scheme. Mr. Sen Gupta, appearing on behalf of the Bank, however, contended that the Bank acted in good faith at that time, because the scheme was not san ..... X X X X Extracts X X X X X X X X Extracts X X X X
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